Variable reflectance mirror reflective element for exterior mirror assembly

A variable reflectance mirror reflective element includes a front substrate and a rear substrate and an electrochromic medium disposed therebetween, with no part of the rear substrate extending beyond any part of the front substrate. A mirror reflector is disposed at a third surface of the rear substrate and includes a stack of thin films having at least one metal thin film. A perimeter layer is disposed at a second surface of the front substrate proximate a perimeter edge of the front substrate and generally conceals the perimeter seal from view by a person viewing through the front substrate. Light that reflects off of the mirror reflector and passes through the electrochromic medium and the front substrate has a substantially untinted reflectant characteristic to a person viewing the mirror reflective element when no voltage is applied to the electrochromic medium.